Fiscal cliff: White House 'deal made with Republicans'
1 January 2013 Last updated at 04:12 GMT
The US will miss a midnight deadline and head over the "fiscal cliff", despite reports the White House has reached a deal with Republicans.
Vice-President Joe Biden was heading to the Senate on to brief Democrats after Republicans backed a plan to avert tax rises and spending cuts.
The Senate is expected to vote late on Monday night, with the House to consider a bill after the deadline.
Steve Kingstone reports.